Why do consumers sometimes take a while to respond to price changes? a. price changes do not affect consumers. b. consumers cannot find acceptable substitutes immediately. c. consumers need time to decide whether the good is a luxury or a necessity. d. demand sometimes becomes less elastic over time?

Why do consumers sometimes take a while to respond to price changes?

B. Consumers cannot find acceptable substitutes immediately.

Although price changes can happen immediately, response times often take a bit because consumers are not able to stop purchasing a product as soon as the price rises. Usually, a consumer needs time to find a subtitute that still meets their needs for a lower cost. Overtime the rate of response to price changes because they are able to switch to a new brand.

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